By Malloy Peterson, vice president of marketing, Carter
ATLANTA (May 17, 2011) – Monday morning, Carter was honored to host U.S. Sen. Johnny Isakson at Carter headquarters for a visit with company associates.
A former businessman who founded and built Northside Realty into one of the biggest residential brokerages in the Southeast, Senator Isakson is one of the most active advocates for the real estate industry in Washington. In the senate, he was the driving force behind the home tax credit component of the stimulus effort and is now leading the policy debate on reforming Freddie Mac and Fannie Mae.
Senator Isakson gave a 30-minute update on some of his key initiatives and activities, including his thoughts on the real estate industry, major issues affecting both the state of Georgia and the nation.
The video below highlights some of the Senator’s insights into the real estate industry. Noting that we are still in a real estate recession in terms of single-family housing, he suggested that it could take five to seven years before it recovers. Once it recovers, he predicts that it will be a new normal for sometime. He also emphasized the impact of the residential real estate market on the commercial real estate industry.
“Shopping center leases are directly proportional to consumer spending which is directly proportionate in part to home ownership,” Isakson said. “As long as residential real estate is as suppressed as it is now, you are going to continue to see very anemic growth.”
Senator Isakson continued by saying he is proud to be a watchdog for the private sector because unlike many of his colleagues, he has been a part of the private sector and understands what does and does not work.
“Without the private sector,” said Isakson, “There would be no federal government.”
Senator Isakson also commented that he enjoyed attending Spelman’s graduation the day before where first lady Michelle Obama gave the commencement speech. See here for more information on Carter’s renovation work at the college.